Profitability ratio and environmental, social, and governance disclosure on stock prices with company size as a moderating variable

Novitasari, Zafira Putri and Kholilah, Kholilah ORCID: https://orcid.org/0000-0003-1828-9642 (2025) Profitability ratio and environmental, social, and governance disclosure on stock prices with company size as a moderating variable. Presented at 11th INTERNATIONAL ISLAMIC ECONOMIC SYSTEM CONFERENCE 2025 (IiECONS 2025), November, Universiti Sains Islam Malaysia.

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Abstract

This study aims to analyze the effect of profitability, ESGdisclosure, as well as company size on moderating effecton stock prices. The sample for this study consists of 36companies listed on the Indonesia Stock Exchange that have completefinancial statement data and ESG scores for the period 2019–2024. The datawere obtained from the companies' annual reports and the RefinitivEikon database. The method used was a quantitative approach with panel dataregression analysis.The results of the study indicate that profitabilityhave a positive effect on stockprices, while ESG disclosure does not have an effect on stock prices. Additionally,company size was found to moderate the relationship between EPS and ESG onstock prices, indicating that larger companies with higher asset sizes tend to be morevalued by the market when they have good profitability and ESG performance.However, firm size cannot moderate the relationship between ROA and stockprices. These findings are expected to serve as a reference for companymanagement in improving financial performance and transparent ESG disclosureto attract investor interest, as well as to add academic references related to the roleof moderating variables in the relationship between ESG, profitability, and stockprices.

Item Type:	Conference (Paper)
Keywords:	profitability, ESG disclosure, company size, stock price
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150103 Financial Accounting
Divisions:	Faculty of Economics > Department of Accounting
Depositing User:	Kholilah Kholilah
Date Deposited:	12 Jan 2026 14:27

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